The House Fiscal Agency released its monthly revenue update, showing cash collections last month increased $145.3 million from the prior year, totaling $2,636 million. General Fund/General Purpose revenue is estimated to be $1,202.9 million, which is $214.5 million above prior estimates. While School Aid Fund dedicated revenue is estimated to be $1,268.5 million, an increase of $72.6 million above projections.
Key Points:
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- Fiscal year-to-date collections are 3.7% lower than the prior fiscal year.
- Net income tax revenue for May 2024 totaled $1,080.1 million.
- Consumption tax revenue came in at $1,158.7 million, which is $88.9 million lower than the prior year on a year-to-date basis.
- Use tax collections were $90.4 million more than the prior year.
To read the full May 2024 Revenue Update, please click here.
